The ‘Requirement to Correct (‘RTC’)’ is a new statutory obligation originally included in Finance Bill 2017, but delayed due to the general election. It now forms part of the Finance Bill which was published on 8 September and is expected to become part of Finance (No2) Act 2017. It provides that taxpayers should review their offshore interests and correct any UK tax irregularities by disclosing the relevant information to HMRC.
